1Primary
Reserve is the total market value (including accrued interest) of overnight
investments, available-for-sale
securities,
and held-to-maturity
securities maturing within three months.2The
benchmark is the total return of the Merrill Lynch 1-10 Year U.S. Treasury
Index.3The yield-to-maturity includes the potential
yield of Treasury Inflation-Protected Securities (TIPS), which assumes
an average 2.2% annual increase in the CPI over the remaining life of
each TIPS.4For each TIPS, an estimated 80% "yield
beta" factor is applied to its real yield duration to arrive
at an estimated effective
duration.